Cotton futures extended gains from the previous session and hit a two-week high. On the ICE Futures U.S. Exchange, cotton futures for July delivery traded at $0.8318 a pound at 12:48 GMT, up 0.99% for the day. It rose by 1.5% earlier and hit $0,8364 a pound, the strongest level since May 23.
According to the U.S. Department of Agricultures report published on Monday, 87% of the nations cotton crop was planted during the week ending June 2, compared to 59% in the preceding week. This is also 5% higher than the same week last year and 4% more than the five-year average, which equals to 83%.
Elsewhere on the market, sugar futures for July delivery traded at $0.1642 at 12:48 GMT, down 0.12% on the day. Sugar prices have been under heavy pressure as farmers in Brazil, the world’s biggest sugar producer and exporter, started to accelerate the sweetener’s harvest. Brazil accounts for 20% of global sugar production and 39% of the sweeteners exports.
The U.S. Department of Agriculture stated in its crop progress report on Monday that as of June 2 100% of the U.S. sugar was planted, compared to 94% the preceding week. It is also higher than the 98% five-year average and the 96% planted the same week last year.
Meanwhile, Arabica coffee for July delivery traded at $1.2895 a pound at 13:06 GMT, up 0,14% on the day. Coffee prices have been under pressure as traders expect a huge harvest in the world’s biggest exporter Brazil.
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